Canterbury Park's third quarter operating revenue increased 68.9% largely largely due to the popularity of its card room.
The boost in revenue allowed the Minnesota track to report an increase in net income from $17,464 during the third quarter of 1999 to $480,098 this year. Earnings also increased substantially for the quarter to 12 cents per diluted share, up from 1 cent per diluted share during the same period a year ago. For the previous nine months ending Sept. 30, earnings for Canterbury Park were 11 cents per diluted share, up from 9 cents per share for the first nine months of 1999.
"Any questions we may have had about the ability of our new Card Club to strengthen the operations of Canterbury Park and benefit the horse industry in Minnesota have been answered," said track president Randy Sampson.
Revenue from the Card Club, which opened April 19, allowed Canterbury Park to make two 10% increases in purses during its 60-day live meet this year. Sampson said he expects purse increases during the 2001 meet will reach unprecedented levels for Minnesota racing.